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PART I. FINANCIAL INFORMATION
GALAXY FOODS COMPANY
CONDENSED BALANCE SHEETS
SEPTEMBER 30, MARCH 31, 1997 1997 (Unaudited) ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 24,078 $ 16,485 Marketable securities -- 298,671 Trade receivables, net 1,836,864 1,631,268 Inventories 2,565,959 1,802,244 Prepaid expenses 384,236 346,082 Total current assets 4,811,137 4,094,750
PROPERTY & EQUIPMENT, NET 9,608,813 8,186,009
OTHER ASSETS 181,424 211,687 TOTAL $ 14,601,374 $ 12,492,446
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Line of credit $ 2,330,368 $ 1,370,953 Accounts payable - trade 1,410,814 449,227 Accrued liabilities 395,598 418,968 Current portion of obligations under capital leases 14,559 24,396 Total current liabilities 4,151,339 2,263,544
OBLIGATIONS UNDER CAPITAL LEASES, less current portion 25,233 32,668 Total liabilities 4,176,572 2,296,212
COMMITMENTS AND CONTINGENCIES -- --
STOCKHOLDERS' EQUITY:
Convertible preferred stock -- 26 Common stock 615,950 571,282 Additional paid-in capital 45,815,875 45,780,462 Accumulated deficit (23,234,823) (23,383,336) 23,197,002 22,968,434 Less: Notes receivable arising from the exercise of stock options and sale of common stock 12,772,200 12,772,200 Total stockholders' equity 10,424,802 10,196,234 TOTAL $ 14,601,374 $ 12,492,446
See accompanying notes to condensed financial statements.

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